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Auto Equity Loans in Arizona

LoanMart has a fast and simple solution for quick cash needs — an Auto Equity Loan that allows a borrower to gain access to money in a relatively short amount of time by using the value of a paid off automobile as collateral.

LoanMart’s payment slider, now available on LoanMart.com, allows a borrower to decide how much to borrow with the total monthly payment displayed up front. Plus, there are no penalties for paying back early.

In order to receive an Auto Equity Loan in Arizona, a set of requirements must be met by both the lender and borrower before a loan can be secured.

Who Regulates Auto Equity Loans in Arizona?

In Arizona, the Department of Financial Institutions regulates the Auto Equity Loan industry and businesses like LoanMart are known as Secondary Motor Finance companies.

Each state has specific requirements regarding Auto Equity Loans that lenders have to follow:

Automobile information must be defined in contract

Interest rates, charges and fees must be clearly outlined

Borrowers have the right to receive written documentation regarding loan terms and a billing statement of all loan payments.

Protections and Options for Consumers

There are many regulations that provide benefits for prospective borrowers. In Arizona, Auto Equity Loan lenders have to be flexible with payment plans; as well as other provisions:

Loans that are made for $500 or less cannot have monthly interest rates that exceed 17%

As the loan amount increases, the interest rate allowed on the sum borrowed decreases (to the point where any loan over $5,000 cannot have a monthly rate that exceeds 10%)

If a borrower fails to make a payment, the car may be repossessed. The borrower is notified to make sure he/she is aware of this action and LoanMart will help rectify the action. Additionally, borrowers will have the opportunity to hand over the car in a reasonable amount of time before it is actually repossessed.

Potential borrowers may decline the loan at any time prior to the loan being signed and have no obligation if they decide it’s not the right option.

Patrick Smith

Patrick Smith is one of our top customer service representatives and loan initiators at LoanMart. His years of experience in helping customers navigate through the LoanMart process, makes him our expert in writing tips and advice about how it works at LoanMart.

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LoanMart may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. LoanMart does not offer or service student loans. California loans are made or arranged pursuant to a California Financing Law License. See State Disclosures for additional disclosures.

1Credit approval is subject to LoanMart’s credit criteria standards. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by applicant. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.

2Based on consumers who received a loan from February 2002 to October 2018.

3Application processes could take five (5) minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Funding time is based on the time from final approval following receipt and review of all required documents and signing, prior to 5PM PST on a business day.

4To exercise the right to rescind, the consumer(s) must notify LoanMart in writing by midnight on the sixth calendar day from obtaining the loan. Within one business day from notice of rescission, the consumer(s) must return any monies received and fees paid on behalf of the consumer(s) by certified funds.

5LoanMart recommends and encourages customers to pay early and often and more in order to avoid additional finance charges.

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